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MarketFinance banks £50m for CBILS demand from UK SMEs ahead of deadline

MarketFinance

Fintech business lender MarketFinance has secured an additional £50m from one of Israel’s largest asset managers, Viola Credit, to lend to UK SMEs under the HM Treasury and British Business Bank CBILS initiative. The announcement comes as MarketFinance launches a “unified application” process in which SMEs will, through one application, be presented with a variety of finance options and be able to select those best suited to their needs. MarketFinance is now able to offer a combination of business loans, invoice finance and revolving credit facilities through this single application journey. Funding line to support CBILS The CBILS initiative will conclude at the end of September 2020 with pre-submitted applications in September being valid until the end of November. In readiness to service the last minute dash for CBILS loans or revolving credit facilities, MarketFinance has secured this additional funding of £50m to support SMEs with their working capital at this crucial time. Since 2011, Institutional investors such as banks, asset managers and family offices have provided the majority (70%) of capital that MarketFinance lends out to businesses. Anil Stocker, CEO at MarketFinance , commented: “Only 60,409 CBILS facilities have been approved since the pandemic started, versus 1.2m Bounce Back Loan approvals. This shows there are many businesses who could still benefit from accessing CBILS finance before the scheme ends. For many who took a Bounce Back Loan, there is now a short window where they can refinance onto a larger CBILS facility which could see them over to the new year. Vast swathes of the UK SME community haven’t applied or remain unaware of the CBILS initiative and that it concludes in a few weeks. By lining up this additional funding, we want to send a strong signal to the market that MarketFinance is here to help ”. One application, many options Alongside the fundraising, MarketFinance has rapidly improved its unified application process to allow faster decisions and access to the right funding for SME applicants. This means, for the first time, businesses will make a single universal application for finance and will be able to see, learn more about and select which option (or combination of options) is right for them. This will allow SMEs to draw down a loan today, but also set them up to use invoice finance or a revolving credit facility for when their order book fills back up. Through collecting just a few pieces of information about the applying company, MarketFinance is able to make instant decisions on 45% of applications with their automated decision engine, “Autoflow”. Their proprietary risk model, “Selector”, can assess each applicant under pre-COVID conditions, which means funding decisions are not overly biased by these unprecedented and potentially temporary conditions. This gives applying SMEs a greater opportunity to be approved compared with other financiers whose models are run only against today’s conditions. This year MarketFinance added business loans and revolving credit facilities to a product suite including selective invoice finance, contract finance and confidential whole-ledger invoice finance. Businesses are able to access a combination of these simultaneously from MarketFinance, making it the first fintech funder to offer multiple products within a single platform. Anil Stocker added: “Since launching CBILS loans, we’re already lending out around £10 million per month and our product development in invoice finance means we’re getting funds out 40% faster than 6 months ago. We’re constantly working on how we can reduce the time to funding for our new applicants and existing users. CBILS has only accelerated the pace at which we’re investing in our various products. The MarketFinance vision is to make finance available, easy-to-use and fairly priced to viable small businesses that need it most.” MarketFinance is accredited to lend under the Coronavirus Business Interruption Loan Scheme (CBILS), providing term loans from £50,001 to £150,000 and revolving credit facilities from £50,001 to £5m to UK SMEs. SME business owner Miguel Gibson, MD at tour operator Live Holidays Ltd commented: “As soon as the lockdown hit, our first priority was to refund our customers. In the meanwhile we were waiting for airlines to pay us back. The banks were slow to support with CBILS but MarketFinance understood our business quickly and provided a £150,000 CBILS loan in days. It meant there was no extra pressure on the business. We’re a £7m turnover business and this loan has helped to navigate an unprecedented time”. Anil Stocker added: “We make finance easier for business owners. Over the years we’ve refined our platform, allowing integrations with banks, online accountancy packages and credit bureaus to make lending a seamless process. This has saved time for owners and allowed them to focus more energy on the running of their business”. MarketFinance business highlights (2019/20): Updated brand name from MarketInvoice to MarketFinance to reflect launch of multi-product offering Secured £56m Series B round (debt and equity funding), attracting new investors Barclays and Santander. Strengthened leadership team with a new CFO, CRO and CTO Accredited as a CBILS lender for term loans and revolving credit facilities In response to COVID-19 impact, launched a Furlough Advance product to ease cash flow pressure on businesses as they wait to be paid from HMRC. ENDS About Viola Credit Viola Credit is a private credit fund headquartered in Israel offering multi-strategy credit products to growing technology companies in Israel and abroad. The fund provides custom-made credit solutions to technology companies through several main investment strategies including Venture Lending, FinTech Lending, Growth Lending and Tech Mezzanine Financing. Since 2000, Viola Credit has successfully invested over $1 billion in a range of businesses across multiple stages and geographies. Viola Credit is part of Viola group, Israel’s leading technology focused investment group with over $3.0 billion of assets under management. About MarketFinance MarketFinance is a business finance company with offices in London and Manchester. The online platform enables businesses to access a range of flexible finance solutions — quickly and easily. This smart technology is backed by help from real people so business owners can save time and focus on growing their business. Since 2011, MarketFinance has advanced over £3 billion to companies across a range of sizes and sectors, providing working capital and finance for everything from paying staff and suppliers to launching new products or services and accelerating growth. MarketFinance is backed by Barclays, Santander InnoVentures, European venture capital fund Northzone (invested in Klarna, iZettle and Trustpilot), private equity group MCI Capital (also invested in iZettle, Azimo and Gett). Contact Details Bilal Mahmood +44 7714 007257 b.mahmood@marketfinance.com Company Website https://marketfinance.com/

September 07, 2020 03:00 AM Eastern Daylight Time

Global Business Ethics Survey: Top managers twice as likely to experience pressure to bend the rules in organizations.

Ethics & Compliance Initiative

Employees are twice as likely to experience pressure if they are top-management than compared to line-level employees, according to the Ethics & Compliance Initiative’s ™ (ECI) latest Global Business Ethics Survey Report ™ (GBES) . The data suggest that the higher up the “totem pole” an employee is, the more likely they are to experience pressure to bend the rules. Overall, about 1 in 5 employees experience pressure to bend the rules. Pressure to bend the rules, as defined by the GBES report , can be caused by meeting performance goals, attempting to save one's own and others' jobs, supervisory pressure, advancing one's career or financial interests, and demands from people who support or invest in the organization. According to the data, of those that experience pressure, 30% are top management employees, 25% are middle management, 22% are first-line supervisors and 17% are individual contributors. The first 2020 report of ECI’s premier, longitudinal study on global workplace behavior, published four times per year, also found that when top management show a strong commitment to ethical leadership and organizational values, their employees are 3X less likely to experience pressure. “The data continue to suggest that high-pressure environments are not only stressful for employees, but they can actually cause a negative ROI when it comes to ethical behavior,” said Patricia Harned, CEO of ECI. “Expanding KPIs and stretching financial goals may result in a short-term gain, but the long-term consequences to the organization is a net negative.” Other Findings and Key Indicators of Pressure The report found that employees experiencing pressure was linked with the prevalence of observing various types of misconduct found in organizations across the globe, all of which were about twice as likely to occur in pressure environments versus non-pressure environments. Employees are twice as likely to observe misconduct in organizations where they feel pressure to compromise ethics standards. “As companies around the globe respond to the unprecedented challenges of the COVID-19 pandemic, the important research in ECI’s Global Business Ethics Survey (GBES) report presents a timely and accurate overview of pressure in the workplace,” said Michele M. Brown, SVP, Chief Ethics and Compliance Officer and Deputy General Counsel, Leidos. “These findings provide best practices to balance organizational change while upholding the highest ethical standards. Leidos is proud to support ECI research, which is helping the member community build and maintain strong ethical cultures.” Download the latest GBES report at ethics.org/gbes Methodology The 2019 GBES is the 15th iteration of the GBES (formerly the National Business Ethics Survey). In 2019, the GBES surveyed over 18,000 employees in 18 countries (approximately 1,000 employees per country). ECI established the survey questions and sampling methodology. About the Ethics & Compliance Initiative The Ethics & Compliance Initiative (ECI) is a non-profit organization that empowers organizations to build and sustain high-quality ethics and compliance programs. The organization provides research and a best practice community, as well as certification opportunities for ethics & compliance professionals. Through its membership, ECI represents entities across nearly every industry, located in 37 countries on six continents each dedicated to promoting the highest levels of integrity. Visit www.ethics.org to find out more about our research, membership or funding the GBES. The GBES is made possible with the support of its funders: Google, Boeing, Eli Lilly & Company, Altria, BP, GE, KPMG, Pacific Gas & Electric, L'ORÉAL, Leidos, University of Arkansas and PricewaterhouseCoopers. Contact Details Brad Fulton +1 210-278-4809 brad@ethics.org Company Website https://www.ethics.org

August 31, 2020 11:00 AM Eastern Daylight Time

Investors pile into skip hire startup, Skrap

Skrap

Skrap , a London-based proptech startup, has raised £1.2m seed funding as it sets out to transform how everything is hired in the construction industry by making it available on-demand. Skrap is building on its reputation as a ‘skip hire disruptor’ and will bring its digital innovation to other parts of the industry including concrete, portaloos, machinery and so much more. The fundraise was led by Vanneck Investments, with participation from a host of entrepreneurs and angels investors including Charles Songhurst, Eamon Jubbawy (Onfido), Anil Stocker (MarketFinance), Paul Huntingdon (ARM), Adrian Beecroft, Dennis Stevenson, Peter Brodnicki (MAB), Jay Radia (Yieldify, Reachdesk), and James Hind (Carwow). Founded in 2017, Skrap is a construction hire marketplace connecting construction businesses with on-demand skip and construction hire related services. The entire process is managed in a mobile app . Hussain Hilli, co-founder at Skrap commented: “We’re thrilled to have some amazing investors on board and look forward to leaning on their expertise as we broaden the horizons for Skrap. Our team has huge ambitions to scale across the UK and globally. Having laid the foundations in Skip hire, we are fast expanding in all construction hire verticals. Skrap is making its mark in industry by introducing the first mobile app that makes it simple and convenient for construction companies to access resources they need.” Skrap was founded with a vision of allowing SME Builders to order any construction hire service at the click of a button. Skrap’s team of 25 are building the world’s first app dedicated to automating construction hire. It has been trialled with hundreds of suppliers across London, Manchester and Birmingham to complete over 10,000 deliveries to thousands of construction companies - small and large - to take the hassle of waste management away from the already stressful construction experience. Skrap’s strategic ambition is to automate the entire construction hire supply chain across major cities globally over the coming years. Founders Marwan Field, Hussain Hilli and Ahmed Rao came across the problem while running a construction business where logistics were unorganised and fragmented; prices were asymmetric, and the marketplace of suppliers and brokers were doing everything manually. Hussain Hilli added: “The UK construction hire industry is a £20bn market, yet it is poorly served with services not fit-for-purpose in a digital age. Skrap is well positioned to bring innovative solutions to help transform the industry and make it one beacon of industry once again”. Ends About Skrap Founded in 2017, Skrap offers on-demand services for skip and construction hire resources. Every year almost 100m tonnes of construction waste is collected in the UK and construction businesses spend Â£5b in collecting this waste, and a further Â£15b on other hire services. Skrap intends to remove the hassle from ordering a skip and other construction hire needs to make this experience simple and user friendly. For more information please visit www.skrap.xyz and check us out on Instagram , Facebook , Linkedin and Twitter . Contact Details Bilal Mahmood +44 7714 007257 b.mahmood@marketfinance.com Company Website https://www.skrap.xyz/

August 27, 2020 03:00 AM Eastern Daylight Time

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Uyghurs for Sale

21Wilberforce

Seventy-five years after the Holocaust concentration and labor camps are still in existence. Today the Chinese Communist Party (CCP) is interning more than one million Uyghur Muslims in concentration camps – striping them of their fundamental rights to peacefully practice their faith. Now new information has surfaced showing that not only is the Communist Party oppressing Uyghur Muslims, they are profiting from them – and worse – Americans are at risk of being duped into paying for it . Groups working on international religious freedom issues have now added their voice to a coalition of civil society organizations and trade unions calling for fair labor practices. Spearheaded by 21Wilberforce and other organizations working through the International Religious Freedom Roundtable , religious freedom advocates are asking Congress to quickly pass the Uyghur Forced Labor Prevention Act (H.R.6210 / S.3471). This legislation would make it more difficult for products produced by people enslaved by the CCP because of their faith to enter Western markets . “We commend Congressman McGovern (D-MA) and Senator Rubio (R-FL) for their bipartisan efforts to confront this horrific exploitation of people because of their religion,” said Randel Everett, President of 21Wilberforce. “One hundred fifty (150) organizations and experts of different beliefs and ideologies have come together to ask Congress to pass this important legislation.” 21Wilberforce encourages Americans to reach out to their representatives in Congress and ask them to enlist more co-sponsors, give speeches, and make statements in support of stopping the Chinese Communist Party from exploiting and profiting from religious discrimination and slavery. Citizens can make a difference by using and sharing a free online tool that directly connects Americans with their elected representatives. Dr. Everett noted that “Our namesake, William Wilberforce, was a man of faith who stood up to free people who were enslaved based on their race. Today we stand up to free those enslaved for their faith.” 21Wilberforce is a Christian human rights organization dedicated to defending the universal rights of religion, belief, and conscience for all people. Our vision is to empower people to collaboratively support persecuted communities, challenge repression, and expand freedom of religion and belief globally. Contact Details Lou Ann Sabatier +1 703-216-2941 Lsabatier@21Wilberforce.org Company Website https://21Wilberforce.org

August 26, 2020 08:00 AM Eastern Daylight Time

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On Demand Webinar: Nozomi Networks OT/IoT Security Report 2020

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Nozomi Networks Inc. , the leader in OT and IoT security, today announced a free on demand webinar that covers the the findings in Nozomi Networks Labs' recently published OT/IoT Security Report. Cyber threats against OT and IoT networks were on the rise in the half of 2020. Researchers with Nozomi Networks Labs observed IoT botnets, shifting ransomware tactics and COVID-19-themed attacks. This on demand webinar reviews the most active threats observed through July, providing insight into their tactics and techniques, along with recommendations for protecting your critical networks. Learn about: The OT/IoT threat landscape The tactics and techniques of the most harmful threat actors The top 2020 ICS vulnerabilities and their ongoing impact on risk Recommendations for securing OT/IoT networks Panelists: Chris Grove, Technology Evangelist Alessandro Di Pinto, Security Research Manager Ivan Speziale, Security Researcher On Demand Webinar Link: OT/IoT Security Report 2020 About Nozomi Networks Nozomi Networks is the leader in OT and IoT security and visibility. We accelerate digital transformation by unifying cybersecurity visibility for the largest critical infrastructure, energy, manufacturing, mining, transportation, building automation and other OT sites around the world. Our innovation and research make it possible to tackle escalating cyber risks through exceptional network visibility, threat detection and operational insight. www.nozominetworks.com Contact Details Jil Backstrom +1 303-913-1650 jil.backstrom@nozominetworks.com

August 20, 2020 01:30 PM Eastern Daylight Time

Game-Changing Artificial Intelligence Solution by PhotoShelter to Revolutionize Social Media Workflow

PhotoShelter

Contact Details John Seibels +1 212-206-0808 jseibels@photoshelter.com Company Website https://www.photoshelter.com/

August 20, 2020 08:05 AM Eastern Daylight Time

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NutriBullet® Makes Juicing Easier with Launch of NutriBullet Juicer Pro™

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Capital Brands Distribution, the leading innovator of the NutriBullet ® and Magic Bullet ® nutrient extractor franchises, unveiled its newest innovation in user-friendly nutrition today: the NutriBullet Juicer Pro™. The juicer is the newest addition to NutriBullet's extensive ecosystem of products focused on integrating better nutrition into everyday life and the company’s first introduction into the juicing category. With a sleek, feature-rich, premium build, the NutriBullet Juicer Pro™ contains a powerful 1000-Watt motor, multispeed control panel with low, high, and turbo speeds, and a LED light ring. Additionally, this premium model includes a dual size pusher that allows you to choose between a three-inch chute for whole fruits, or a narrow chute for smaller produce such as celery, berries, or leafy greens. The cleaning process is also much easier with the Juicer Pro as its components are dishwasher-safe, including its extra-large two-liter pulp container with integrated juice bowl. Accompanying the Juicer Pro are premium juice-storage solutions, including a two-ounce and four-ounce freezer trays and two glass to-go bottles. Precision speeds yield maximum juice in minimal time for NutriBullet Juicer Pro™ users. Its thoughtful design aims to make juicing simple enough for everyday use, and everyday nutrition. The no drip spout cover allows users to avoid leftover drips and drops on counter tops after removing the juice pitcher from under the spout. The NutriBullet Juicer Pro™ includes a recipe guide focused on lower calorie, immune-boosting, skin-healthy, and kid-friendly juice options. The guide also features sustainability-minded recipes using the leftover pulp to create delicious, healthy treats! “We designed the NutriBullet Juicer Pro™ with the philosophy that living a healthy lifestyle should be simple, easy, and accessible for anyone at any time,” said Rich Krause, CEO of Capital Brands Distribution. “Juicing is an important part of people’s routines and our new NutriBullet Juicer Pro™ was innovatively designed to allow for an improved juicing experience for everyone – for people just discovering the benefits of juicing to those who have already integrated juicing into their lifestyles.” Priced at $149.99*, the NutriBullet Juicer Pro™ will be available online at NutriBullet.com starting August 17 and will roll out to Amazon and select retailers nationwide in late August. For consumers new to juicing, the entry-level NutriBullet Juicer™ is also available and starts at $99.99*. For more information, or to order the NutriBullet Juicer™ and NutriBullet Juicer Pro™, visit www.nutribullet.com . *Prices may vary by retailer. About Capital Brands Distribution, LLC. We believe that good nutrition has the power to transform lives and that we all deserve the best nutrition. Since 2003, Capital Brands Distribution, LLC., has been on a mission to inspire and enable transformational nutrition for people all around the world. We do this by designing and delivering an ecosystem of products that strive to integrate better nutrition into everyday life. We are most known for being the leading innovators of the NutriBullet® and Magic Bullet® nutrient extractor franchises with over 60 million happy customers worldwide. Available at major North American retailers, including Macy's, Bed Bath & Beyond, Wal-Mart, Costco, Canadian Tire, Target and Kohl's, and sold in numerous countries including Australia, New Zealand, Western/Eastern Europe, Middle East, Africa, Latin America, and Asia. Our goal is to make nutrition simple, easy, and impactful. Contact Details Manuel Cedeno +1 212-561-6459 Manuel.Cedeno@finnpartners.com Company Website https://www.nutribullet.com/

August 18, 2020 12:00 PM Eastern Daylight Time

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SAVI SECURES $5 MILLION IN SERIES A FUNDING

Savi Solution Inc.

Savi Solution Inc. (“Savi”) , an industry-leading, SaaS provider for operators in the Quick Service Restaurant (QSR), C-Store, and Retail industries today announced $5 million in Series A funding. The round was led by an industry-leading strategic partner that will include a future commercial partnership. This new round of funding will allow Savi to accelerate growth of its marketing and sales objectives and continue to build out software solutions for its expanding customer base. “Our solution answers questions that have eluded operators in these spaces for years,” said Brock Weeks, CEO of Savi. “With this new investment, we will increase our investment in product development, client success, and distribution channels to continue building an affordable platform that allows multi-site operators the ability to gain new insights and increase operational efficiencies.” Savi has built its business by helping operators leverage it’s cloud-based platform that brings together POS data, labor data, video, customer behavior, and experience trends leading to data-driven decisions, loss prevention, and overall operational efficiency. Savi’s platform is being utilized by corporate and franchise operators of brands like Five Guys, Little Caesars, Burger King, Scooter’s Coffee, Invicta Watches, Shell Oil, and many more. About Savi Savi is driven to help business owners gain new insights into their locations without pain and frustration. By leveraging Savi’s cloud-based platform operators and managers are empowered to not only understand the results they are achieving through real-time data visualizations and reporting, but the behavior causing those results through video and audio of in-store transactions and events. Enabling them to replicate profit driving behaviors and eliminate those leading to loss, while gaining new insights into the customer experience. Contact Details Cameron Jensen +1 844-554-7284 cameron@getsavi.com Company Website https://www.getsavi.com/

August 18, 2020 07:00 AM Eastern Daylight Time

Daniel Gaston Promoted to Vice President at Cloud Conventions/Convey Services

Convey Services

Convey Services, parent company of Cloud Conventions a full featured virtual event technology solution today announced the promotion of Daniel Gaston to Vice President of Business Development. Gaston is chartered with developing and expanding the marketplace for virtual events, creating both a direct and channel focus to offer capabilities to event managers, associations, nonprofits, tradeshow operators and channel resellers. “Danny joined Convey five years ago and has been pivotal in growing the marketplace for Convey’s channel program for master agencies and suppliers, as well as for InterAct LifeLine’s addiction and recovery platform,” said Carolyn Bradfield founder of Convey. “Now that Convey has expanded its Cloud Conventions technology to address the explosive need for virtual conferences, tradeshows and events, Danny will drive the effort to grow revenue and expand the customer base for fully managed or self-managed virtual and hybrid events.” Prior to COVID, the marketplace for live expositions globally exceeded 33,000 with $50 billion in revenue annually. Although thousands of live events cancelled in 2020 and should begin to return in 2021, the demand for a virtual solution will continue to strengthen as event operators offer virtual-only or hybrid event options. Cloud Conventions automates every aspect of delivering a virtual event from attendee onboarding to exhibit booths, creating a content-rich environment with enhanced views of marketing materials, educational classes and product resources. The platform analyzes every attendee interaction and delivers detailed reports to the event host and their exhibitors. “Danny brings a unique skill set in being able to strategically understand how to address an emerging market, combined with the tactics needed to generate an appropriate sales process,” added Bradfield. “He has been integral in every aspect of our development of Cloud Conventions from product design, to creating processes for managing an event, to offering strategic support to clients that are creating their first virtual experience. He has identified market segments with the greatest need and a process to address them effectively.” Gaston graduated from Kennesaw State University summa cum laude with a degree in Applied Science, Industrial and Organizational Psychology. About Cloud Conventions Cloud Conventions is a Virtual Trade Show and Conference Platform from Convey Services that brings new capabilities to a marketplace looking for solutions to replace the thousands of live trade shows, annual conferences and association meetings cancelled in the wake of COVID-19. Originally launched as ConveyLive, Cloud Conventions automates exhibitors and virtual booths, attendee registration, speaker sessions and reminders, invitations and email communication, while at the same time producing detailed analytics on attendee, session and exhibitor activity. Trade Associations and event managers can explore all of the Cloud Conventions solutions by visiting https://cloudconventions.com or contacting info@cloudconventions.com or call 888-975-1382. Cloud Conventions™, Conduct™, One-Touch Email Share™, Hub & Spoke™, 360° Virtual Exhibit Hall & Lobby Experience™ and ListLock™ are trademarks of Convey Services LLC Contact Details Bruce Ahern +1 770-580-0810 bahern@conveyservices.com Company Website https://cloudconventions.com

August 13, 2020 04:00 PM Eastern Daylight Time

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